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Politiques monétaires : objectif prix

Author

Listed:
  • Catherine Mathieu

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Christine Rifflart

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Marion Cochard
  • Sabine Le Bayon

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Monetary policies have been tightened in most industrial countries in recent months. The Fed has risen its rate from 0.75% in June 2004 to 4.75% in April 2006, while the ECB rose its rate from 2.0% last November to 2.5% in March. Central bankers pay particular attention to inflationary pressures in a context of high and still rising energy prices. We expect no second round effects, which would keep inflation close to Central Banks' targets and would lead to a slight rise in short-term interest rates, up to 5.25% in June in the US and to 3% in the euro area. The BoJ will raise its rates from 0% to 0.5% this year as deflation has ended. Long-term interest rates will rise in line with short-term interest rates. Monetary conditions will be tightened this year and remain broadly unchanged next year.

Suggested Citation

  • Catherine Mathieu & Christine Rifflart & Marion Cochard & Sabine Le Bayon, 2006. "Politiques monétaires : objectif prix," Post-Print hal-03462149, HAL.
    • Handle: RePEc:hal:journl:hal-03462149
    DOI: 10.3917/reof.097.0147
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03462149
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